Mumbai infrastructure - $ 5b World Bank Loan

The World Bank officials on Wednesday met Maharashtra chief minister Vilasrao Deshmukh and discussed various infrastructure development projects in the Mumbai Metropolitan Region (MMR). The Rs 2,28,000-crore infrastructural development programme includes the transformation of Mumbai into a world class city along with the physical and social infrastructure development of cities and regions around Mumbai, including Thane, Vasai, Virar, Navi Mumbai, Karjat, Alibag and Pen. The World Bank has agreed to give $5 billion for the projects.
The state government requires capital investment of $50 billion over the next 15 years to strengthen the physical and social infrastructure.

The government seeks to source funds for the projects through a mechanism of public private- partnerships and also through direct funding by the public sector. For this, the government proposes to create “Ring Fenced Mumbai Infrastructure Fund” that could be serviced by committed revenue source such as development charges and betterment levies,” said an official.
The official said that the state government was hopeful of getting World Bank funds for the development of the region.

Source: Financial express